Europe
North America
Latin America
Middle East
Asia-Pacific
Award winners Asia-Pacific Singapore
Sunil Amarasuriya with
Navin, Shanya and Rehan
B.P. de Silva Holdings
Involved in both manufacturing and distribution
across a whole host of sectors, B.P. de Silva
Holdings is a classic family-controlled holding
company. Apart from its obvious business success,
the group is also proud of its family heritage,
which stretches back to 1872. Transitioning
to the fifth generation, B.P. de Silva’s current
strength stems from the founder’s belief in
working toward goals greater than any one
individual.
“The term ‘family
business’ itself says
volumes about the
intricacies of
balancing the
aspirations of family
and self.”
Navin Amarasuriya,
Managing Director,
B.P. de Silva Holdings
154 | EY Family Business Yearbook 2015
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Award winners Asia-Pacific Singapore
Sunil Amarasuriya, now 66, took over the running of the group
from the third generation more than 30 years ago. Along with
other members of the fourth generation, he faced business
challenges, as well as those that came from a large base of
shareholders who were descendents of the founder.
The big distribution of shares created discord among different
groups, and a decision was taken by Sunil’s father, Sepala
Amarasuriya, to take out a large loan to gain control and
stabilize the relationships between ownership and management.
Unfortunately, one year after he managed to secure control, he
became paralyzed from a stroke.
Balage Porolis de Silva founded
the company in 1872.
B.P de Silva enjoyed a period of sustained growth as
Singapore grew economically in the 1960s.
Singapore has its fair share of family-controlled holding
companies. Its openness to trade and business have been among
the dominant features of the city-state since it was founded as a
trading post by Sir Stamford Raffles in 1819. Among the many
businesses to prosper during Singapore’s modern history has
been B.P. de Silva Holdings.
The early beginnings on the banks of the
Singapore River
Founded in 1872 by Balage Porolis de Silva, B.P. de Silva had
its early beginnings as a jewelry manufacturer and retailer on
the banks of the Singapore River. Today, it has grown into a
diversified group across a multitude of industries, staying true
to the founder’s principles and reputation.
The selection of companies includes B.P. de Silva Jewellers;
RISIS, known for gold-plated orchids and sculptures; and The
1872 Clipper Tea Company, which sells top quality Sri Lankan
tea. Family-owned and run for 144 years in the luxury goods
business, they plan to continue the lasting legacy through
building homegrown brands.
In a letter to his son, the founder wrote: “Never waver from
quality, even when you cannot afford it.” His exacting nature
156 | EY Family Business Yearbook 2015
Speaking about these times, Sunil told the Singapore-based
newspaper The Business Times: “The loan [which his father
had taken out to gain control of the business for his side of
the family] was hanging over when I took over. My prime
directive was to repay it and get the business going again,
as well as to ensure that my father got the best possible
medical care.”
He diversified B.P. de Silva away from trading, closed
underperforming divisions and entered into a joint venture
with the Swatch Group. Working closely with Nicolas Hayek,
the CEO and Chairman of Swatch, he led the development
Sunil Amarasuriya with his family.
demanded only the best, and his jewelry pieces reflected this
ethos. From the earliest days along the Singapore River, he
brought highly skilled goldsmiths and silversmiths who would
become the backbone of his workmanship, and the early
immigrants who hailed from Sri Lanka.
Balage’s work soon became highly sought after by the rich
and powerful of the day. His clients included many members of
royal families across the globe, including the British and Thai
royal families. Arguably, his most inspiring decision was to not
pass the business on to his son, whom he did not consider up
to the task.
Diversification away from trading
Instead, in 1930, Balage passed the business down to his
daughters through their husbands and a group of trusted
managers. The move was a very early example — possibly the
first — of management shares issued in Asia. This proved to be
successful, and the strong governance and leadership drove
the business forward through the second generation. During
the Second World War, one of the managers who issued those
very shares hid almost all of the assets, despite great risk,
and returned the business to the third generation after
the war.
Highly skilled goldsmiths and silversmiths create individual jewelry pieces.
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Award winners Asia-Pacific Singapore
and distribution efforts for all of its key brands, and helped to
develop their presence in Asia.
One of B.P. de Silva’s successful acquisitions was RISIS, which is
famous for its gold-plated orchids. RISIS was born as a spinoff
from a Singapore government project to develop a gift that
would uniquely symbolize the city-state. B.P. de Silva bought the
company in 2001, as part of a strategy to shift away from simply
trading or distributing products from foreign brands, to creating
its own.
Sunil has always had a strong attachment to the watch market,
hence B.P. de Silva’s acquisition of a share in Audemars Piguet,
one of the last independent, family-owned watch companies in
Switzerland. Under his leadership, B.P. de Silva prospered and
regained much of its former momentum, while branching out into
new areas like hydroelectric power, water purification and tea.
The 1872 Clipper Tea Company sells top-quality Sri Lankan tea.
The clipper nowadays with family members.
Collectively, they have a common understanding that their
primary role should be to preserve the values of the founder
while ensuring the continuity of the business. They are
extremely mindful of the lessons of history. Even at their
relatively young ages of 31, 28 and 24, they are developing
methods of governance that will ensure that the effort spent by
previous generations to create a stable organization is built on in
the future.
158 | EY Family Business Yearbook 2015
The lessons of the past live on in B.P. de Silva. Family has
grown to mean more than simply genetic lineage — rather the
embodiment of ideals and values that have served the company
since its earliest days. Now taking a back seat role, Sunil is no
doubt more than confident that the next generation can lead B.P.
de Silva to success in the years ahead.
Preserve the values of the founder
The fifth generation — Sunil’s two sons and one daughter — fully
appreciate the efforts made by the previous two generations to
unify decision-making through a consolidated shareholder base.
The three siblings currently work in different subsidiaries of the
company, each tasked with gaining operational understanding to
ensure that they will be good stewards.
The subsidiary RISIS is famous for its gold-plated orchids.
This principle of bringing senior managers from outside
links back to a decision taken by the founder. When it came
time to hand over the business to the second generation,
he controversially decided to exclude his only son from his
succession plans, instead issuing shares to his most trusted
management, who executed this responsibility with great
success.
Currently, non-family member Wee Swee Poh is the Chief
Executive of the group. She took over from Sunil in 2009. B.P.
de Silva’s board of directors comprises a diverse group of nonfamily independents, each with their own specialty.
Sunil Amarasuriya
with Navin, Shanya and Rehan
Company name:
Generation(s):
Founded:
Industries:
B.P. de Silva Holdings
4th and 5th
1872 in Singapore
Jewellery, watches,
luxury gifts, food and beverage,
tea, water purification
and hydroelectricity
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